For decades, millions of Metro Manila residents relied on a failing government enterprise for their water supply. Poorer residents had to either collect contaminated water from public taps or wait in long lines to buy safe water at exorbitant prices from private vendors.
Privatized with IFC’s help in 1997, Manila Water Company now provides 24-hour clean and affordable water to nearly 6 million customers, covering 99 percent of households in eastern Metro Manila. IFC provided three $30 million loans to the company and an additional $15 million in equity prior to its IPO. IFC investments spurred additional private capital for a large-scale network upgrade. Now IFC is helping Manila Water Company to expand elsewhere.